Investment Rating - The report maintains a "Recommend" rating for Jiangsu Bank (600919) with a target price of 10.22 CNY, compared to the current price of 9.02 CNY [1][2]. Core Views - Jiangsu Bank achieved a steady double-digit growth in net profit, with a year-on-year increase of 10.1% in the first three quarters of 2024, reaching a net profit of 28.24 billion CNY [1]. - The bank's operating income for Q3 2024 was 20.68 billion CNY, showing a recovery in revenue growth, primarily driven by a significant increase in non-interest income, which rose by 35.1% year-on-year [1]. - The bank's loan structure is improving, with a focus on balancing corporate and retail loans, as corporate loan growth has slowed down while retail loan demand shows signs of recovery [1][2]. Financial Performance Summary - For the first three quarters of 2024, Jiangsu Bank reported total operating income of 62.3 billion CNY, a 6.2% increase year-on-year, and a net profit attributable to shareholders of 28.24 billion CNY, a 10.1% increase year-on-year [1][3]. - The bank's non-performing loan (NPL) ratio remained stable at 0.89%, with a provision coverage ratio of 351%, indicating strong risk mitigation capabilities [1][3]. - The bank's interest margin for Q3 2024 was 1.71%, reflecting a decrease compared to previous quarters, primarily due to competitive pricing in corporate loans [1][3]. Future Outlook - The report projects revenue growth rates of 6.3%, 4.0%, and 9.6% for 2024, 2025, and 2026 respectively, with net profit growth rates of 10.2%, 7.3%, and 7.9% for the same periods [1][2]. - The bank's capital strength is expected to improve further with the conversion of 20 billion CNY of convertible bonds in 2023, enhancing its capacity for credit expansion [1][3].

Investment Rating - Maintains a "Recommend" rating with a target price of 9.02 RMB [3][4] Core Views - Jiangsu Bank's 24Q1-3 revenue reached 62.3 billion RMB, a YoY increase of 6.2%, while net profit attributable to shareholders grew by 10.1% YoY to 28.2 billion RMB [1] - The bank's asset expansion accelerated, with total assets and liabilities increasing by 15.6% and 15.0% YoY respectively by the end of 24Q3 [2] - The non-performing loan (NPL) ratio remained stable at 0.89%, and the provision coverage ratio stood at 351%, indicating strong risk resilience [2] Financial Performance - Net interest income for 24Q1-3 increased by 1.5% YoY, supported by active asset expansion, while non-interest income saw a significant rise of 26.5% YoY [1] - Corporate loans grew by 18.8% compared to the end of 2023, while personal loans and bill financing decreased by 0.8% and 2.0% respectively [2] - The bank's EPS is projected to be 1.73, 1.92, and 2.12 RMB for 2024, 2025, and 2026 respectively, with a P/B ratio of 0.7x for 2024 [3] Asset Quality and Risk Management - The NPL ratio remained stable at 0.89%, with a slight increase in the attention rate to 1.45% by the end of 24Q3 [2] - The provision coverage ratio decreased slightly to 351%, but remains at a high level, ensuring strong risk absorption capacity [2] Future Outlook - Benefiting from stable local economic growth and industrial advantages, Jiangsu Bank's corporate business is expected to maintain steady growth [3] - The bank's asset quality is stable, and its provision coverage ratio remains high, supporting continued profit growth in the future [3] Financial Projections - Revenue is expected to grow at a CAGR of 6.8% from 2024 to 2026, reaching 92.3 billion RMB by 2026 [3] - Net profit attributable to shareholders is projected to grow at a CAGR of 10.7% over the same period, reaching 39 billion RMB by 2026 [3]

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank (600919.SH) with a current price of 9.02 CNY [2]. Core Views - Jiangsu Bank has accelerated its scale expansion and demonstrated strong resilience in performance, with revenue growth of 6.2% year-on-year and net profit growth of 10.1% in the first three quarters of 2024 [4][6]. - The bank's non-interest income grew by 17% year-on-year, although its proportion of total revenue decreased to 33% [10]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.89% and a provision coverage ratio of 351% as of the end of Q3 2024 [11][19]. Summary by Sections Financial Performance - Jiangsu Bank achieved a revenue of 623 billion CNY and a net profit of 282 billion CNY in the first three quarters of 2024, reflecting year-on-year growth rates of 6.2% and 10.1% respectively [4][6]. - The bank's return on average equity (ROAE) was 16.33%, a decrease of 1.8 percentage points year-on-year [4]. Revenue Composition - The growth rates for net interest income and non-interest income were 1.5% and 17.1% respectively, with a slight decline compared to the first half of 2024 [6]. - Non-interest income contributed significantly to revenue, with net fees and commissions at 38 billion CNY, down 12% year-on-year, while other non-interest income reached 168 billion CNY, up 27% year-on-year [10]. Asset Quality - The NPL ratio stood at 0.89% at the end of Q3 2024, with a provision coverage ratio of 351%, indicating strong risk mitigation capabilities [11][19]. - The bank's credit impairment losses for the quarter were 47 billion CNY, reflecting a year-on-year increase of 3 billion CNY [11]. Capital Adequacy - As of Q3 2024, the core tier 1 capital adequacy ratio was 9.3%, with total capital adequacy at 13.2% [11][19]. - The issuance of 10 billion CNY in perpetual bonds has effectively supplemented the bank's capital base [11]. Future Outlook - The bank is expected to benefit from the economic growth in Jiangsu province, with a focus on key sectors such as advanced manufacturing and small enterprises [12]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at 1.79, 2.00, and 2.20 CNY respectively, with the current price corresponding to a price-to-book (PB) ratio of 0.7 and a price-to-earnings (PE) ratio of 5.0 [12][13].

Financial Performance - Operating income for Q3 2024 reached CNY 20,678,090, representing a year-on-year increase of 4.25%[3] - Net profit attributable to shareholders was CNY 9,504,039, reflecting a growth of 10.08% compared to the same period last year[3] - The net profit after deducting non-recurring gains and losses was CNY 9,448,740, with a year-on-year increase of 10.98%[3] - Net profit for the first three quarters of 2024 reached CNY 29,296,264, an increase of 10.3% compared to CNY 26,574,024 in the same period of 2023[28] - Interest income rose to CNY 98,182,055, up from CNY 95,068,716, reflecting a growth of 2.2% year-over-year[28] - The company's basic earnings per share for the period was CNY 0.52, reflecting a decrease of 7.41% year-on-year[3] Assets and Liabilities - Total assets as of the end of the reporting period amounted to CNY 3,856,856,211, marking a 13.32% increase from the end of the previous year[3] - Total liabilities increased significantly, with derivative financial liabilities rising by 50.90% compared to the previous year[7] - The bank's total liabilities increased to CNY 3,544,774,568, compared to CNY 3,144,245,806 at the end of 2023, marking a rise of 12.8%[24] - The bank's equity attributable to shareholders increased to CNY 302,455,347, up from CNY 250,409,988, indicating a growth of 20.8%[26] Cash Flow - The net cash flow from operating activities was negative at CNY -106,115,733, a significant decline of 259.10% compared to the previous year[3] - Net cash flow from operating activities for the first three quarters of 2024 was -4,110,732, a significant decrease compared to 192,920,118 in the same period of 2023[31] - Net cash flow from financing activities improved to 202,142,686 in 2024, reversing from a net outflow of -101,966,682 in 2023[32] - Total cash inflow from investment activities increased to 2,226,380,043 in 2024 from 1,622,168,194 in 2023, reflecting a growth of approximately 37.2%[31] - Cash outflow from investment activities rose to 2,410,670,544 in 2024, compared to 1,704,869,226 in 2023, indicating an increase of about 41.4%[31] - The total cash and cash equivalents at the end of Q3 2024 reached 83,032,518, up from 72,248,283 at the end of Q3 2023, marking an increase of approximately 14.5%[32] Risk and Capital Ratios - The weighted average return on equity (annualized) decreased to 16.68%, down by 1.12 percentage points from the previous year[3] - Core Tier 1 capital adequacy ratio was reported at 9.27%[17] - The liquidity coverage ratio stood at 126.60%[20] - The provision coverage ratio decreased to 351.03% from 389.53% year-over-year[22] - The cost-to-income ratio improved to 20.17% from 20.89% year-over-year[22] - The bank's leverage ratio increased to 7.04% from 6.64% year-over-year[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 122,074, with the top ten shareholders holding a total of 6.98% and 6.93% of shares respectively[9] Non-Performing Loans and Income - The non-performing loan ratio remained stable at 0.89% compared to the previous year[22] - The bank's non-performing loan ratio remained stable, reflecting effective risk management strategies[28] - The bank's fee and commission income decreased slightly to CNY 5,024,935 from CNY 5,092,055, a decline of 1.3%[28] - The bank's investment income increased significantly to CNY 11,365,921, up from CNY 9,185,901, representing a growth of 23.8%[28] - The bank's other comprehensive income after tax rose to CNY 3,186,636, compared to CNY 836,703 in the previous year, showing a substantial increase[28] Cash Management - Cash received from equity investments amounted to 30,000,000 in 2024, while cash received from issuing debt securities increased to 1,000,314,888 from 529,729,979 in 2023[31] - The net increase in customer deposits and interbank deposits was 158,500,490 in 2024, down from 365,291,999 in 2023, showing a decline of about 56.7%[31] - Cash received from interest, fees, and commissions was 90,621,232 in 2024, slightly up from 87,690,648 in 2023, reflecting a growth of approximately 2.2%[31] - The cash outflow for paying interest, fees, and commissions increased to 50,993,162 in 2024 from 40,779,793 in 2023, representing a rise of about 24.5%[31] - The impact of exchange rate changes on cash and cash equivalents was -278,056 in 2024, contrasting with a positive impact of 42,220 in 2023[32]

会议由公司董事长葛仁余先生主持，审议通过以下议案： 一、关于江苏银行股份有限公司 2024 年三季度行长工作报告的 议案 证券代码：600919 证券简称：江苏银行 公告编号：2024-038 优先股代码：360026 优先股简称：苏银优 1 江苏银行股份有限公司董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 江苏银行股份有限公司（以下简称"公司"）第六届董事会第十 二次会议通知于2024 年10月18 日以电子邮件方式发出，会议于 2024 年 10 月 29 日以现场加视频方式召开。本次会议应参与表决董事 15 名，实际参与表决董事 15 名，监事及高级管理人员列席会议。会议 符合《公司法》等法律法规及公司章程的有关规定，表决所形成的决 议合法、有效。 表决结果：同意 15 票，反对 0 票，弃权 0 票。 - 1 - 市场利率确定，发行次数及各次发行规模依据公司资金需求以及市场 情况决定，募集资金将依据适用的法律法规和监管部门的批准使用。 同意提请股东大会授权董事会、并由董事会转授权经营层代表公 ...

证券代码：600919 证券简称：江苏银行 优先股代码：360026 优先股简称：苏银优 1 江苏银行股份有限公司 2024 年 9 月投资者交流活动纪要 2024 年 9 月，江苏银行股份有限公司与投资者沟通交流主要情 况如下： 一、参与交流投资者信息 9 月 3 日，汇丰前海证券策略会交流； 9 月 5 日，国联证券； 9 月 10 日，高盛公司、新加坡政府投资基金； 9 月 11 日，招商证券策略会交流； 9 月 12 日，国海富兰克林基金； 9 月 19 日，瑞银证券、交银施罗德基金、Point 72； 9 月 20 日，泰康资产、嘉实基金、富国基金、工银瑞信基金、 汇添富基金、南方基金、长信基金、招商信诺资产； 9 月 26 日，美银证券、中泰证券、工银瑞信基金、长信基金、 永赢基金、浦银安盛基金、大都会人寿、Schroders PLC、Morgan Stanley Investment Management Inc、Bea Union Investment Management Ltd、 Torito Capital Ltd、Polymer Capital Management（HK） Ltd、B ...

证券代码：600919 证券简称：江苏银行 优先股代码：360026 优先股简称：苏银优 1 江苏银行股份有限公司 2024 年 8 月投资者交流活动纪要 2024 年 8 月，江苏银行股份有限公司与投资者沟通交流主要情 况如下： 一、参与交流投资者信息 8 月 19 日，富国基金； 8 月 21 日，中信证券、Morgan Stanley、Point72 Asset Mgmt LP、 博道基金、大成基金、敦和资管、高毅资产、工银安盛人寿、工银瑞 信基金、国寿养老、海富通基金、华夏基金、慧创投资、嘉实基金、 乐瑞资产、马来西亚国库、南方基金、平安资管、交银施罗德基金、 泰康基金、友邦保险、长盛基金、中融信托、中邮人寿； 8 月 22 日，华福证券、鹏华基金； 8 月 23 日 ， 中 金 公 司 、 Millennium Capital Mgmt 、 HGNH International Asset Mgmt (SG) L.P、Fountaincap Research & Inc (HONG KONG) Co., Ltd、Best Investment Corporation (CIC Group)、Alli ...

证券研究报告 2024 年 09 月 06 日 湘财证券研究所 公司研究 江苏银行（600919.SH） 利润增速企稳，规模增长领先 核心要点： 利润增速保持稳定，手续费收入实现正增长 公司评级：增持（首次覆盖） 近十二个月公司表现 相对收益 5.56 15.70 32.44 绝对收益 1.82 5.80 17.08 % 1 个月 3 个月 12 个月 注：相对收益与沪深 300 相比 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 2024H1 与 2024Q1，江苏银行营业收入同比增长 7.2%/11.7%，归母净利润 同比增长 10.1%/10.0%，利息净收入同比增长 1.8%/-0.8%，非息净收入同 比增长 19.7%/45.5%，手续费收入同比增长 11.3%/-16.8%。公司利润增速较 一季度持平，由于规模扩张较强，利息净收入增速回升。手续费净收入转 为正增长，主要由代理手续费收入增长贡献。 区域经济势能足，对公业务迅速扩张 近年来，江苏银行在江 ...

证券代码：600919 证券简称：江苏银行 公告编号：2024-037 优先股代码：360026 优先股简称：苏银优 1 本期债券发行的募集资金将依据适用法律和主管部门的批准，用 于补充公司其他一级资本，提高资本充足率，支持业务持续健康发展。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 2024 年 8 月 27 日 经国家金融监督管理总局江苏监管局与中国人民银行批准，江苏 银行股份有限公司（以下简称"公司"）于近日在全国银行间债券市 场成功发行"江苏银行股份有限公司 2024 年无固定期限资本债券（第 二期）"（以下简称"本期债券"）。 - 1 - 特此公告。 江苏银行股份有限公司 关于2024年无固定期限资本债券（第二期） 发行完毕的公告 江苏银行股份有限公司董事会 本期债券于 2024 年 8 月 22 日簿记建档，并于 2024 年 8 月 26 日 发行完毕。本期债券发行规模为人民币 100 亿元，前 5 年票面利率为 2.28%，每 5 年调整一次，公司有权在第 5 年及之后的每个付息日全 部或部分赎回 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company has shown rapid revenue growth with a 7.16% year-on-year increase in operating income and a 10.05% increase in net profit attributable to shareholders for the first half of 2024. The net profit for Q2 2024 increased by 10.08% year-on-year [3][4] - The company's public business is developing rapidly, with a significant increase in public deposits and loans, indicating strong performance in corporate banking [3][4] - The company maintains stable asset quality, with a non-performing loan ratio of 0.89% in Q2 2024, a slight decrease from the previous quarter [4] Summary by Sections Financial Performance - For the first half of 2024, the company reported operating income of 74,293 million yuan, a 7.16% increase year-on-year, and a net profit of 28,750 million yuan, reflecting a 10.05% increase year-on-year. The projected EPS for 2024-2026 is 1.65, 1.81, and 1.98 yuan respectively [5][12] - The company plans to increase shareholder returns through a mid-term dividend, with a proposed dividend of 0.47 yuan per share for 2023 [3][5] Business Development - The company focuses on strengthening its corporate business and has seen public deposits reach 1,149 billion yuan, a 23.37% increase from the end of 2023, and public loans of 1,306.7 billion yuan, a 17.81% increase [3][4] - The company is enhancing its service offerings in transaction banking, inclusive finance, cross-border finance, and bond underwriting [3] Asset Quality - The non-performing loan ratio is reported at 0.89%, down 2 basis points from the previous quarter, while the provision coverage ratio stands at 357.20%, a decrease of 14.02 percentage points [4] - The overdue loan ratio increased slightly to 1.12% compared to the end of 2023 [4] Valuation - The reasonable value range for the company is estimated between 10.12 and 10.58 yuan, with a projected PB of 0.80 times for 2024 [4][12] - The company is expected to maintain a net profit growth rate of 10.74%, 9.33%, and 8.96% for the years 2024-2026 [4][12]